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Volcanic Gold Mines Completes Earn-In on Guatemala Properties
August 19, 2024 – TheNewswire – Vancouver, British Columbia – Volcanic Gold Mines Inc. (TSXV: VG) (“Volcanic”) and joint venture partner, Radius Gold Inc. (TSXV
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"August 19, 2024 – TheNewswire – Vancouver, British Columbia – Volcanic Gold Mines Inc. (TSXV: VG) (“Volcanic”) and joint venture partner, Radius Gold Inc. (TSXV: RDU) (“Radius”), are pleased to report that Volcanic has fulfilled the modified Option Agreement (see News Release February 21, 2024) and earned a 60% interest in Radius’s Holly and Motagua Norte Properties in Guatemala by completing the required US$7 million in exploration expenditures. During the period July 2021 to July 2022 Volcanic invested over US$4.5 in exploration on the Holly Project, the majority of that was spent on drilling, and the joint venture established a high-grade epithermal gold-silver inferred mineral resource of 410,000oz at 9.6 g/t AuEq1. The resource was established on the La Pena vein, is open in all directions and is just one of many epithermal veins on the Holly property. Typical results of the drilling were exceptional high grade intercepts, such as 4.57m @ 54.24 g/t Au and 3925 g/t Ag in hole HDD-21-027 and 6.52m @ 11.72 g/t Au and 340 g/t Ag in hole HDD-21-019. However, as has been previously stated, the joint venture has put exploration of the property on hold until there is advancement at the two significant precious metal deposits in Guatemala within a 100 Kms of Holly where developments are pending: the multi-million ounce Cerro Blanco gold deposit and the high grade silver-lead-zinc deposit at Escobal. Going forward the Companies will share holding costs of the properties in Guatemala 60/40 until there is clarity of the Country’s approach to mineral exploration and mining. The Volcanic team is presently reviewing opportunities in other jurisdictions. 1)The effective date of the Mineral Resource Estimate is June 7, 2022 and an NI43-101 Technical Report on the Holly property is filed on the Company’s website and SEDAR+ at sedarplus.ca with a reporting date of July 20, 2022. Technical Information Luc English PhD, who is a Chartered Geologist and Fellow of the Geological Society of London, is the Company’s Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Dr English has reviewed and approved the technical information contained in this news release. About Volcanic Volcanic brings together an experienced and successful mining, exploration and capital markets team foc...